CIB sign USD 50 mln credit guarantee to support SME customers in Egypt

Commercial International Bank (CIB), Egypt's leading private sector bank, and FMO, the Dutch entrepreneurial development bank, announced that they signed a credit guarantee agreement, worth USD 50 mn, to cover loans granted to the Bank's micro, small and medium enterprises (MSMEs), including underserved segments such as women, youth and migrant borrowers.

CIB has always been committed to providing innovative products and banking solutions to its SME customers. Our partnership with FMO will allow us to better target small-sized business customers, especially underserved segments, such as women and youth entrepreneurs, and provide them with the needed support during the current global economic challenges,' said Rashwan Hammady, Acting Chief Executive Officer of Retail Banking at CIB. 'To become the preferred partner for SMEs, CIB is constantly working to reinforce its leading position in the Egyptian market by offering necessary financial and non-financial services that can help SMEs manage their businesses efficiently. This comes in line with the Bank's efforts to integrate this segment into the Egyptian banking sector and as part of CIB's strategic direction toward achieving financial inclusion for SMEs,' he added.

The agreement comprises two components: the NASIRA risk-sharing facility backed by FMO, the European Union and the Dutch government (through the MASSIF fund), and a technical assistance program provided by the Frankfurt School of Finance and Management.